Mr Mick Billing, Executive Chairman, commented: We welcome the maiden Mineral Resource Estimate for the Big Sandy project.”
“Hawkstone have regularly, over the past year or so, improved the outlook for Big Sandy and, in so doing, the value of our Hawkstone investment.”
“We look forward to confirmation from Hawkstone that the Maiden resource estimate satisfies the requirement for the issue of the additional shares representing 50% of the sale consideration.”
The Board of Thor Mining Plc (“Thor”) (AIM, ASX: THR) is pleased to advise publication of a maiden Mineral Resource Estimate for the Big Sandy Lithium Deposit in Arizona, USA, by Hawkstone Mining Limited (“Hawkstone”) (ASX: HWK).
Hawkstone, the 100% owner of the Big Sandy project, has announced an Indicated and Inferred Mineral Resource Estimate of 32.5 Million Tonnes grading 1,850 parts per million (ppm) Li, or 320,800 tonnes Lithium Carbonate Equivalent, reported above an 800ppm Li cut-off.
Hawkstone Managing Director Paul Lloyd commented on the results released;
“The estimate of the maiden Resource is another significant step forward in establishing Hawkstone as an emerging lithium supplier, and forms part of an aggressive program to move the project into pre-feasibility as quickly as possible. In addition to the appointment of Dr David Deak as a consultant to the Company and Barnaby Egerton-Warburton as Non-Executive Chairman, Hawkstone has also appointed a Phoenix based engineer to commence an examination of the key development elements, leading to the commencement of a pre-feasibility study.”
“The calculation of the maiden resource from a limited number of tightly spaced drill holes, comprising a mere 4% of the Big Sandy project area, highlights the size and potential of this world class lithium resource. The location in Arizona USA provides multiple development advantages, being strategically located near all major infrastructure and in close proximity to U.S. battery manufacturing facilities”.
“In addition, a stage 3 drilling program is planned for 2020 with the objective of converting the current reported Exploration Targets. This drilling will target Blocks B and C in the Northern Mineralised Zone as we continue to develop the Big Sandy Lithium Project.”
Thor holds 7,421,875 ordinary shares in Hawkstone (representing 1.075% of its issued share capital). Thor shall be allotted a further 7,812,500 ordinary shares in Hawkstone if Hawkstone reports, by September 2021, a mineral resource estimate, on the Big Sandy deposit, of at least 30 million tonnes at a grade of over 2,000ppm Lithium (Li), using a lower cutoff grade of 1,000ppm Li.”
The latest Hawkstone announcement may be found on the ASX website via the following link:
https://www.asx.com.au/asxpdf/20190926/pdf/448w4ngy4bbd8b.pdf
Information about Hawkstone and its Big Sandy project can be found at Hawkstone’s website:
http://hawkstonemining.com.au/.
